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20130111
20130111
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a million dollar platinum coin to avoid debt ceiling drama has gained political momentum. what started as a whim in 2010 got more attention a year later. now has left leaning noble prize winning columnist paul krugman if the debt ceiling isn't avoided, mint the darn coin. gerald nadler is behind it not to mention a petition on the white house website with thousands of signatures in support. speaking of the white house.... >> would you roll it out? >> you can speculate a lot of things. >> it's in the air, a high floater. treasury department decides not to field it, but why is this being discussed more seriously now? analysts say frustration and fatigue in washington. >> an increased search for ways out of this problem, especially by democrats. i think that is how some of them hit on this idea about the coin. >> we've explained how it would work. >> treasury can mint it and print one trillion dollars. the president can order that coin to be deposited at the federal reserve. and real buzz over all of this is possibility, humorous or not, who would be on the coin, obama and boin have been
ignore the debt ceiling and just keep on spending on the nation that we've got this trillion dollar coin in the bank. here is the idea. the treasury department would mint a one trillion dollar coin, normally supposed to be federal reserve that makes our money, but this would be done by the treasury department and then they would deposit it in the federal reserve they wouldn't circulate it, but be there astra money in our savings and money would be use today finance our government without consent from congress. on wednesday, the white house press secretary jay carney did not rule it out. >> look it, there's no substitute for congress extending the borrowing authority of the united states. >> will they roll it out. >> you can speculate about a lot of things, but there's not-- nothing needs to come to these kinds of, you know, speculative notion about how to deal with a problem easily resolved by congress doing its job. very simply, since treasury, i believe, overseas printing and minting, you might ask treasury. >> at no point in-- >> and joining me now the chairman of the south carolina d
averting a war over the debt ceiling may sound absurd, but it's being pushed by heavies. should president obama be willing to print a $1 trillion platinum coin if republicans try to force america into default? yes. absolutely. he will, after all, be faced with the choice between two alternatives. one that is silly but benign. the other that's equally slil, and both vial and disastrous. the decision should be obvious. how is such a thing possible? an obscure 1966 law, which according to legal scholars gives the treasury secretary the right to mint a coin in any denomination he likes. here now to discuss whether this is a serious proposal or something better left to cartoon characters, i am joined by msnbc's chris hayes, host of "up" for a little segment we like to call up -- now. >> nailed it. >> this is a ludicrous outlandish proposal, but maybe also -- >> i think the first thing is the context of it is that it's in the context of a ludicrous proposal which is to push the country into default, right? the republicans have done a really crafty job of essentially taking norms that used to gu
, if you think a $1 trillion coin is the only far-fetched way of getting ash the debt ceiling, you understand estimate the creativity of the american progressives. and brett ehrlich was actually a film critic we're going to run down his oscar favors. it's a friday night n "the war room," and we will be right back. ♪ [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voice of dennis ] indeed. are you in good hands? >> i think it's brilliant. (vo) first, news and analysis with a washington perspective from an emmy winning insider. >> i know this stuff, and i love it. (vo) followed by humor and politics with a west coast edge. bill press and stephanie miller. >> what a way to start the day. ♪ >> jennifer: the national rifle association claims that 100,000 people have joined the nra since the nowtown school shooting. of course we don't know how many people dropped their membership following the tragedy and the nra's con trover shall comments afterwards. but 400,000 people joined mayo
moves closer to the debt ceiling deadline our next guest says the debt limit must be raised to avert what he calls how is that affecting businesses? a former member of the coins of economic advisors under president bush. matthew, thank you for joining us. simplely put, there is no option in your opinion we have to raise the debt ceiling. what happens if we don't? >> that is great question to which honestly no one knows the answer and i hope we don't find out the answer. it is not like the united states government is a small business that gets three bills a day and if cash flow is a little short one day they can just pay two ever the bills. millions of payments get made by the federal government every day and we just don't know, especially given the fragility of the economy and capital markets what will happen one day, one week, one month goes by where the u.s. government is defaulting on different obligations. ashley: countries defaulted before the, lost their aaa rating and managed to turn it around and recover abe able to borrow money from the markets. is this a wake-up call? god f
to get rid of reoccurring debt ceiling votes. and on the issue of obama's white guy problem cybercity says yes bill. pote us has a gender and diversity problem. women are better negotiators. rhonda says always good to get up in san francisco to see the sexy ass michael tomasky on the tube. bill, have him on more often. >> bill: oh, my god. >> hey, ladies. >> why are we so surprised here? >> bill, you get this sometimes. >> bill: i was expecting her to say always nice to get up early in san francisco to see the sexy ass bill press. >> sexy ass michael tomasky. >> bill: she meant to say both. >> i'm not so sure. >> bill: now you know why we have you in. while we have your fan club here, can we say hello to beverly in chicago. >> caller: how you doing? >> bill: okay. >> caller: this is straight to mr. press. i was listening to joe scarborough yesterday morning for the first 30 minutes. >> bill: big mistake. >> caller: rambling on about the president having all white boys in his cabinet and no women. now i understand why he is saying it because all he's trying to do is get some -- [ bleep
the idea -- >> could this point that the debt ceiling debate is a silly accounting discussion? so why shouldn't we use a silly accounting gimmick to solve it? which is that you already have appropriated this money and the idea that you have to then go back and give treasury the authority to print money to borrow for it is artificial. it's just a game. and so why wouldn't you then use another game to counter? which that -- >> of course a dumb idea and a dumber idea don't make a good idea. >> that's true. >> they do to come. >> no, i understand. >> some people really are buying into it. i can't believe the number of e-mails i'm getting from people trying to kick the tires on that nonsense. that financial high poth carry measure. >> the one that you have is fake. this is real. this is a $100 trillion zimbabwe bill. look, we got to get real. we've got real fiscal problems, tax and spending, we've got real monetary problems -- my view is -- >> -- may view is we ought to eliminate the debt ceiling. we ought to substitute statutory budget controls and a debt-to-gdp -- >> david, it gives the
Search Results 0 to 6 of about 7

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